Skeena Resources (NYSE:SKE) Sees Strong Trading Volume – Time to Buy?

Skeena Resources Limited (NYSE:SKE) saw strong trading volume on Monday . 585,973 shares changed hands during trading, an increase of 8% from the previous session’s volume of 544,747 shares.The stock last traded at $23.8550 and had previously closed at $25.42.

Analysts Set New Price Targets

SKE has been the topic of several recent analyst reports. Wall Street Zen raised Skeena Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Desjardins upgraded Skeena Resources to a “moderate buy” rating in a report on Wednesday, October 8th. Raymond James Financial reissued a “strong-buy” rating on shares of Skeena Resources in a research report on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skeena Resources in a report on Wednesday, October 8th. Finally, Scotiabank reissued an “outperform” rating on shares of Skeena Resources in a report on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

Skeena Resources Price Performance

The business’s 50-day moving average price is $20.09 and its 200-day moving average price is $17.80. The firm has a market capitalization of $2.90 billion, a PE ratio of -32.78 and a beta of 1.23.

Skeena Resources (NYSE:SKE) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). Equities analysts forecast that Skeena Resources Limited will post -0.98 earnings per share for the current year.

Institutional Trading of Skeena Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its stake in shares of Skeena Resources by 431.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,390 shares of the company’s stock valued at $44,000 after purchasing an additional 1,940 shares during the last quarter. Advisory Services Network LLC purchased a new position in Skeena Resources in the 3rd quarter valued at $99,000. Cubist Systematic Strategies LLC acquired a new position in Skeena Resources in the 1st quarter valued at $89,000. Jain Global LLC purchased a new position in Skeena Resources during the 3rd quarter worth $189,000. Finally, Cutler Capital Management LLC acquired a new stake in shares of Skeena Resources in the 2nd quarter worth $167,000. 45.15% of the stock is owned by hedge funds and other institutional investors.

Skeena Resources Company Profile

Skeena Resources Limited explores for and develops mineral properties in Canada. The company explores for gold, silver, copper, and other precious metal deposits. It holds 100% interests in the Snip gold mine comprising one mining lease and nine mineral tenures that covers an area of approximately 4,724 hectares; and the Eskay Creek gold mine that consists of eight mineral leases, two surface leases, and various unpatented mining claims comprising 7,666 hectares located in British Columbia, Canada.